The Anthropic IPO prospectus has leaked to the Financial Times, and it shows an operating loss of more than $8 billion last year. Over the same period, revenue grew 12-fold to around $4.6 billion. The filing also warns investors that advanced AI could pose an “existential risk to humanity.”
Anthropic makes the Claude family of AI models, which are popular with developers who use AI-assisted coding tools. Ahead of the Anthropic IPO, the company is reportedly aiming for a valuation of around $2 trillion. According to The Register, the leaked document gives the clearest look yet at what it costs Anthropic to compete with rivals such as OpenAI.
What the Anthropic IPO filing says about spending
Anthropic plans to spend $518 billion on cloud, computing and infrastructure obligations over the coming years, according to the leaked figures. That total equals more than a quarter of the company’s hoped-for valuation. By comparison, Anthropic spent $7.33 billion on compute and infrastructure last year.
Revenue climbed quickly. However, costs grew fast enough to leave the company with an operating loss above $8 billion. The gap between the two figures is now in front of the investors who will decide whether to back the listing.
Risk warnings fill a third of the prospectus
The FT reports that roughly a third of the prospectus discusses AI models that can manipulate, blackmail and behave in other unpredictable ways. Among the listed risks is the possibility that the technology threatens humanity itself.
Warnings like these are common among AI model makers. The Register argues that the messaging is self-serving. In its view, the warnings draw attention to the power of the technology while also encouraging regulation once the leading companies have already pulled ahead.
Wider strain on AI infrastructure
The Anthropic IPO leak lands as other parts of the AI buildout face pressure. Oracle has promised to build $300 billion in datacenter capacity for OpenAI. Even so, it has reportedly issued a force majeure notice to Blue Owl, an alternative asset manager that specializes in private capital.
A force majeure clause lets signatories step away from contractual obligations when circumstances fall outside their control. In this case, the concern centers on whether Oracle can get power to a large datacenter in New Mexico. Oracle says the project is going ahead as planned.
Meanwhile, total AI capital expenditure is set to reach $31.6 trillion before 2050. Figures from August put current AI investment at around a third of all US economic growth, and estimates from earlier in the year were higher still. The Register compares the situation to the dotcom boom and warns that a similar collapse would hit the world economy hard.
The numbers in the leaked Anthropic IPO document
- Operating loss of more than $8 billion last year
- Revenue up 12 times to around $4.6 billion
- $518 billion in planned cloud, compute and infrastructure obligations
- $7.33 billion spent on compute and infrastructure last year
- A target valuation of around $2 trillion